One in five private renters had to provide a guarantor when moving into their current property - equating to 940,000 households - according to the Government's latest English Housing Survey.

The huge increase in rental demand means that prequalification and rental guarantors are increasingly essential, rather than nice to have, says Graham Hayward (main image), MD at rental guarantor service Housing Hand, which saw demand for its services grow by 50% during 2023. Several months in 2024 have surpassed even that level of growth.

The Q2 2024 hometrack UK Rental Market Report adds context to the extent of renters’ problems, showing that annual rent inflation for new lets is now at 6.6%, with 15 enquiries per home.

Faster

“Competition for rental homes is such that tenants are keen to do all they can to appeal to landlords,” says Hayward. “Those who already have all their paperwork in order, including a guarantee that rent will be paid, can demonstrate to landlords that the rental process will be both fast and smooth.”

He believes that while the government’s plan to build 1.5 million homes is laudable, the properties aren’t going to spring up overnight, meaning that renters need to continue doing all they can to secure the homes they want in the short to medium term.

“The fact that one in five have been asked to provide a guarantor shows the scale of demand for such services,” he adds.

“An accelerated national homebuilding programme will do much to help renters and buyers in the future. For now, though, renters must do all they can to secure they properties they need.”